Breitling – Dinar GuruWhy are [brokers] willing to pay a lot more than they used to to buy your dinar back?They’re selling it to these guys [large currency investors] that’s why. It’s that simple…It’s hard getting money out of Iraq. It’s not easy. It would come from Iraq to Jordan to the United States. And from the banking industry in the United States it went from the [CBI] auction floor to Bank of America to Chase Bank. And that’s where I bought my currency – Chase Bank. So that’s a couple routes on how that currency gets here. But it’s dried up. That system doesn’t work anymore. So there isn’t as much dinar in the market…

BGG ~ I beg to differ with Breitling’s synopsis as to why brokers are willing to “pay a lot more” than they used to – to buy Dinar back.

It’s because THEY HAVE TO. When we (Dinar Updates / The Dinar Exchange) first got into the “Buy – Sell” market we did two things:

1) We started paying A LOT more than everyone else as a “Buy-Back” price. We still are. We currently pay $850 per million (for uncirculated). Quick turn – no gimmicks.

2) We also started selling for A LOT less than everyone else.

Our current sales price is $975 per million (shipping included).

The spreads these jokers were making on people were JUST RIDICULOUS. They were paying $500-600 on the buy side and then getting $1100-1300 on the sell side. CRAZY!!

It just wasn’t fair at all.

The real reason they are paying more – isn’t that they are “willing to”…

If they don’t – they won’t get any and they won’t be able to compete.

It is just that simple – economics in action.

CBI MAKES BIG BIG ANNOUNCEMENT… GETTING READY FOR THE “RECOVERY” OF THE DINAR TO IT’S FORMER WEALTH!!

Central Bank announces strategic banking projects for the next five years

​By Samir al-Nusairi

In the monthly meeting of the government and private banking leaders, Mr. Ali Al-Alak, Governor of the Central Bank of Iraq, confirmed the continuation of the Bank’s approach to stimulate the economy and build the capacity and development of the banking sector in order to move to the development role and contribute to financing investment and reconstruction projects.

The exchange rate as the main achievement of monetary policy applications and one of its important objectives, which has positive repercussions on the revitalization of the economy and stabilize the monetary and financial system.

Ed oil as a key resource for revenue and continuing imports of all goods and not to encourage and support local production will inevitably lead to the continuation of the bank offer to sell dollars, according to its law because the reason is not supply but demand for the dollar for the reasons above.

At the meeting, the Central Bank announced the launch of its strategy for the next five years to implement 21 projects to develop and develop banking business after it was able to achieve most of the main and sub-objectives of its first strategy for the years ( 2016-2020 ), which has become possible to start the process to achieve the full objectives of monetary policy and move to The ranks of international banks sober certified by specialized international financial organizations.

One of the strategic banking projects, whose objectives and future impact have been defined according to a timetable for each project, the implementation periods and reaching the target during the years ( 2019-2023) are development projects related to financial inclusion such as the settlement of salaries and projects to restore confidence in the banking sector such as the deposit guarantee company and structural development projects.

And administrative and legal as a draft government guide and projects for training and rehabilitation and capacity-building and classification of banks and projects to move banks from the role of banking to contribute to development as a project of Islamic finance pool. It should be noted here that although the Bank has started planning these projects since 2016, but also adheres to the government curriculum as far as the banking sector and the targets of the National Development Plan ( 2018-2022 ) and the vision of Iraq 2030.

The central bank’s emphasis on working in accordance with its approach to economic reform since 2015 is anchoring the reality that the central bank and its current administration embody a bright spot in an unstable economic environment for subjective and objective reasons.

The results highlighted the experience of the Central Bank in supporting the national economy while maintaining its functions and objectives specified in its law, and its contribution to achieve economic resilience and promote the decisive victory over terrorism.

In addition to the results achieved on the scope of applications of monetary policy internally and convince global financial organizations, the most important official reports issued by them confirmed the success of the Central Bank’s policy in achieving an important transition to the Iraqi economy and achieve stability in the exchange rate and the recovery of the Iraqi dinar and raise its purchasing power, one of the objectives of strengthening the economy.

In addition to his contributions and multiple initiatives to stimulate the economic cycle and enhance liquidity in banks and reach to re-coordinate bridges between the financial and monetary policies and propose new economic and structural policies to prepare public budgets for the coming years on the basis of programs and not items and attempts to restore confidence in the banking system.

The Central Bank has demonstrated its clear ability to interact, analyze business constraints and create conditions to overcome challenges. To build a solid national economy.

The Iraqi Council of Representatives and the political and economic circles are preparing to evaluate the implementation of the government of Prime Minister Adel Abdul Mahdi from its government curriculum. In the midst of the ongoing discussions now requires the above to not separate between what has been achieved during the past years and what has been achieved during the year in which the government assumed the responsibility and bright points achieved by some of our economic and financial institutions during the economic and security shocks suffered by Iraq, which the Central Bank of Iraq had a leading and fundamental role In supporting the national economy and achieving economic resilience. In order not to overwhelm the rights of those who took direct responsibility to face those circumstances, difficulties and challenges.

The support provided by the Central Bank to the national economy during the economic and security shocks suffered by Iraq due to the economic and financial crisis and the war on terrorism is a bright spot and an honorable success experience in a country under harsh conditions and at a historic stage that is the most difficult in facing the economic and security challenges that no country has experienced. In the world, such as what Iraq went through as the management of the Central Bank of Iraq and his team and cadres proved that they had a prominent role in promoting economic resilience and moving steadily towards economic stability.

What are the steps taken by the Central Bank in drawing up its strategy?

Through the wise efforts and prudent measures in the application of monetary policy and development policies of the Central Bank in the difficult economic phase of Iraq were able to draw a strategy for the years (2016-2020) and a clear roadmap goals and ambitions in achieving economic stability and stimulate economic growth and promote financial inclusion and structural and institutional construction and investment optimum in Human capital through significant achievements during the years (2015-2019) and still ongoing most notably: Maintain inflation by not more than 2% and a level of adequacy of foreign reserves within acceptable rates according to the latest criteria Jmiei ( ( IMF )The International Monetary Fund (IMF) increased by more than 160%, which is considered a sufficiently high percentage internationally as the foreign currency reserves of Iraq amounted to 72 billion dollars until 30/6/2019, and maintain the stability of the exchange rate and stimulate the banking sector regulatory, supervision and control and the establishment of new units within the organizational structures of banks Such as compliance, combating money laundering, financing of terrorism, managing credit and operational risks, issuing money laundering law 39 for the year 2015, developing payment systems, implementing all retail and mobile payments, establishing a national exchange and working on applying international standards in reports. In line with the principle of transparency and disclosure in addition to the Bank’s daily efforts to stimulate financial inclusion operations and focus on the initiative to localize the salaries of employees for the purpose of raising the financial inclusion rate of the population who do not have accounts in the banking system, which actually increased from 11% to 22%.

According to the World Bank Bulletin. The Central Bank also announced recently to begin the completion of its investment banking projects for the years (2019-2023).

What about the measures taken by the Central Bank for the purpose of restoring public confidence in the banking and financial sector in Iraq?

For the purpose of restoring confidence in the banking sector, the Bank re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance. The bank is taking its initiative to finance small and medium projects and is currently taking measures to implement the Council of Ministers Resolution 245 for the year 2019, the second axis of it paragraph (1) concerning facilitating investment and reconstruction operations and presenting a new initiative. Satisfied with investment projects in addition to his supervision and leadership of community initiatives funded by banks such as the Baghdad project and support the Iraqi Drama Fund and the launch of Islamic finance pooled national funding for large projects and the establishment of a fund enable and take regulatory and structural measures and the establishment of a depository center in the Iraqi market for securities The establishment of a national center for credit information. And the Iraqi Payment Council.

What are the central tendencies to develop its relationship with Arab and foreign financial institutions that have been cooled by the financial crisis experienced by Iraq?

At the level of international banking relations, the Central Bank was able, with the exceptional efforts of the Governor and his team, to restore relations with Arab and foreign central banks and to deliver the achievements achieved during the past years to the ruling international financial institutions such as the Financial Action Organization, which contributed to the transition of Iraq’s classification from gray to normal follow-up and finally out The Governor’s visit in 2017 to the United Nations Security Council J, presented by the achievements and organizational and structural developments, technical and compliance with international standards in financial reporting and enhance confidence in the Iraqi economy and Iraq’s ability to adhere to international credit benefits and praises of the World Bank, the International Monetary Fund and the Financial Action Group have had a clear impact in promoting economic resilience and financial victory

All the successes above make the Central Bank of Iraq and its team deserve the right word neutral service to our national economy and our Iraqi banking sector.

Revealing a study to delete zeros from the Iraqi currency .. The reason?

BAGHDAD / .. The parliamentary Finance Committee, a study to delete zeros from the national currency, but they ruled out the application at the moment for several reasons.

“The proposal to delete the zeros has been submitted from the House of Representatives to the Parliamentary Finance Committee in order to study the change of the national currency and all categories and the printing of new coins, but the preliminary study showed that the costs needed by the project is great,” the committee’s rapporteur Ahmed al-Saffar told reporters.

He added that “the budget deficit for this year and Iraq’s debt is one of the most important reasons that will lead to delay the deletion of zeros (three zeros),” noting that “the Finance Committee has assigned specialized bodies of monetary policy to study the project carefully to submit to the Finance Committee to be the main lines of this project, which Its beginnings go back years. ”

Al-Saffar pointed out that “deleting the zeros is a project with psychological effects rather than being actual, as the citizen will feel that his money is compatible with the requirements of his life and the movement of supply and demand and equal to hard currency.”

BGG ~ This sounds a lot more like an OP ED piece from Al-Saffar. If so – I would tend to listen to Al-Nusairi much more than some vague MP at the head of one of these rinky dink Parliamentary committees.

1) Al-Nusairi is still positive.

2) They are discussing the project right now (reportedly).

3) I am very skeptical the “hold-up” is the cost of printing and minting. I am assuming since they have had this project “in the hopper” since 2012 they have long ago had lower denoms printed and ready. Coins / fils? maybe not.

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The Central Bank begins the steps to join the official forum of monetary and fiscal policies

The Central Bank of Iraq has begun steps to join the official forum of monetary and financial institutions (OMFIF), an independent global think tank for central banks, pension funds and financial institutions with investment assets worth $ 36.2 trillion.

“Membership in this forum provides insight into the key topics of investment in two integrated channels of analysis and meetings, through high-level practical exchanges and content, as well as participation in meetings held in cooperation with the IMF,” the bank said in a statement. International Bank of England and the German Central Bank. ”

“The accession process also benefits from capacity-building opportunities for mid-level and senior staff.

The Central Bank Begins Steps to Join the Official Monetary and Financial Policy Forum (OMFIF)

The Central Bank of Iraq has begun steps to join the official forum of monetary and financial institutions (OMFIF), an independent global think tank for central banks, pension funds and financial institutions with investment assets worth $ 36.2 trillion.

Membership in this forum provides insight into the key topics of investment in two integrated channels of analysis and meetings, through high-level exchanges and content, as well as participation in meetings with the International Monetary Fund, the Bank of England and the German Central Bank.

The accession process also benefits from capacity building opportunities for mid-level and senior staff. OMFIF develops projects for members in London, Singapore, Washington and other global financial centers.

Central Bank of IraqInformation Office

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ARAB ACCOUNTING DINAR EXCHANGE RATES

The Arab Accounting Dinar (AAD) is the official and reporting currency of the Arab Monetary Fund. Its exchange rates are fixed by the Arab Monetary Fund (AMF) equivalent to three units of Special Drawing Rights (SDR) as determined by the International Monetary Fund (IMF).

Erbil is delivering oil and customs revenues to Baghdad

BAGHDAD – The leadership of the Patriotic Union of Kurdistan, Rizan Sheikh, an agreement within the Kurdistan Regional Government of Iraq, to ​​deliver oil revenues and revenues of the border outlets of the federal government in Baghdad.

She said: “The relationship now between the governments of Baghdad and Erbil is positive, and it can yield important results, the regional government wants to be close to the federal government, because it believes that the strength of the power of a unified Iraq.”

“The main Kurdish parties, the Kurdistan Democratic Party (KDP), the Patriotic Union of Kurdistan (PUK), and the Movement for Change, agreed to strengthen the relationship with Baghdad, end all tensions, and hand over oil and customs imports.”

Kurdish deputy: Baghdad and Erbil serious to resolve two files soon

Deputy Kurdish, on Sunday, the possibility of the Iraqi parliament’s role in resolving the contentious issues with Baghdad, expressing optimism to reach solutions close to a number of outstanding issues.

The deputy of the Patriotic Union of Kurdistan, Pistone Zangana of the new Arab, that “there is seriousness by the governments (Baghdad and Erbil) to resolve the differences that remained stuck between them over successive parliamentary sessions.”

He stressed that “a high-level Kurdish delegation will visit soon to Baghdad, to discuss and complete the results of the Baghdad delegation’s visit to Erbil recently, by the Minister of Oil and other officials in the government of Baghdad. There is a serious response from both parties, especially in the files of oil and gas and salaries of the region that we seek To resolve it. ”

Zangana pointed out that “there will be important topics on the table, including the budget of 2020, and we will endeavor with the beginning of the legislative chapter to resolve the outstanding differences on them, and those on the share of the region, salaries of the Peshmerga, and other financial allocations, in return for the commitment of the Government of Erbil to deliver oil imports to Baghdad, the border outlets. ”

He stressed “the possibility of the Iraqi parliament to play an important role in resolving differences, and the Kurdish parties had meetings and dialogues with other parties and blocs and leaders of political blocs, and reached some understandings on a number of files, and we held several previous sessions,” explaining that “there is an understanding within the parliament for the number Of laws that come into contact with the crises of Baghdad and Erbil, which are controversial laws between them, and seek to resolve them, and we await the new legislative chapter in the hope that follow-up on these important files. ”